8-K
filed June 6, 2023, 7:59 PM ET
ticker GTLL
CIK 0000932021
debt
confidence high
sentiment neutral
materiality 0.65
GLOBAL TECHNOLOGIES LTD (GTLL): debt financing — Global Technologies issues $90K convertible note at $0.0001/share; rescinds prior $40K note
GLOBAL TECHNOLOGIES LTD
- Issued $90,000 convertible note to Hillcrest Ridgewood Partners, due May 31, 2024, with 8% annual interest and 18% default rate.
- Conversion price fixed at $0.0001 per share, adjustable for stock splits/dividends; prior $40K note rescinded.
- Default triggers immediate payment of 150% of outstanding principal plus accrued interest.
- Securities sold in unregistered offering under Section 4(a)(2) and Rule 506(b); shares may become unrestricted after six months.
- Note convertible at any time; dilution from conversion could be significant given low conversion price.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
GLOBAL TECHNOLOGIES LTD incurred convertible notes of $90,000 with Hillcrest Ridgewood Partners, LLC at 8% per annum maturing May 31, 2024.
- Instrument
- convertible notes
- Principal
- $90,000
- Counterparty
- Hillcrest Ridgewood Partners, LLC
- Rate
- 8% per annum
- Maturity
- May 31, 2024
- Event
- incurrence
Exact text from the filing
On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”). The New Convertible Note has a term of one (1) year, Maturity Date of May 31, 2024, and bears interest at 8% per annum.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
GLOBAL TECHNOLOGIES LTD terminated Old Convertible Note with Hillcrest Ridgewood Partners, LLC valued at $40,000 (effective 2023-05-31).
- Action
- termination
- Agreement
- notes offering
- Counterparty
- Hillcrest Ridgewood Partners, LLC
- Value
- $40,000
- Effective
- 2023-05-31
Exact text from the filing
As previously reported in the Company’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 23, 2023, the Company executed a Convertible Note (the “Old Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC (the “Holder”) in the principal amount of $40,000 on May 17, 2023. On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
GLOBAL TECHNOLOGIES LTD entered into SPA with Hillcrest Ridgewood Partners, LLC (effective 2023-05-31).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Hillcrest Ridgewood Partners, LLC
- Effective
- 2023-05-31
Exact text from the filing
As previously reported in the Company’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 23, 2023, the Company executed a Convertible Note (the “Old Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC (the “Holder”) in the principal amount of $40,000 on May 17, 2023. On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
GLOBAL TECHNOLOGIES LTD entered into New Convertible Note with Hillcrest Ridgewood Partners, LLC valued at $90,000 (effective 2023-05-31).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Hillcrest Ridgewood Partners, LLC
- Value
- $90,000
- Effective
- 2023-05-31
Exact text from the filing
As previously reported in the Company’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 23, 2023, the Company executed a Convertible Note (the “Old Convertible Note”) payable to Hillcrest Ridgewood Partners, LLC (the “Holder”) in the principal amount of $40,000 on May 17, 2023. On May 31, 2023, the Company and the Holder agreed to rescind the Old Convertible Note and issue the Holder a new Convertible Note (the “New Convertible Note”) in the amount of $90,000 and enter into a Securities Purchase Agreement (the “SPA”).
View on SEC.gov
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